Wheat Extends Higher on Tuesday
Mixed performance characterized Tuesday’s wheat complex, with Chicago contracts rising 3 ¾ to 8 ¾ cents, while Kansas City futures edged up fractionally to 5 ¾ cents. MPLS spring wheat futures showed varied movement, with front months dipping fractionally to 1 ¼ cents, while some 2025 contracts gained slightly. The USDA Crop Progress report indicated winter wheat conditions at 49% gd/ex, down 1% from the previous week, with notable shifts in states like KS, CO, OK, TX, and IL. IKAR revised down their Russian wheat crop estimate by 2.5 MMT to 83.5 MMT, while Chinese data revealed a 3.4% increase in wheat imports for the calendar year 2024, totaling 6.24 MMT through April’s end.
The wheat complex was mixed to round out Tuesday, with the winter wheat holding up on Tuesday. Chicago contracts saw gains of 3 ¾ to 8 ¾ cents at the close. Kansas City futures posted fractional to 5 ¾ cent higher trade on the session. MPLS spring wheat futures were mixed, with the front months fractionally to 1 ¼ lower and a couple 2025 contracts slightly higher.
The USDA Crop Progress report from Monday winter wheat conditions at 49% gd/ex, down 1% from last week and taking the Brugler500 index 1 point lower to 333. Conditions for the HRW crop saw KS up 8 points, with CO down 14, OK 4 points lower and TX down 3. IL was down a sharp 16 points. The Southern Plains is expected to remain dry for the next week.
IKAR cut their Russian wheat crop estimate by another 2.5 MMT from their projection last week to 83.5 MMT. Chinese customs data shows calendar year 2024 wheat imports of 6.24 MMT through the end of April. That is up 3.4% year/year.
Source Link: https://www.barchart.com/story/news/26364601/wheat-extends-higher-on-tuesday
